Reeves Street Worcester - NEw Construction duplex
MLS Photos and Details
One side of this property was staged and listed on MLS. Through the one listing, we were successful in selling both sides within a matter of 2 weeks. Side A was staged and photographed. Priced sub $400k, it stood out among strongly against old, tired inventory.
Plans
Located on a <7,000 lot, theses semi-attached single family homes required a zoning variance and planning board approval. The lot worked out very well for a 50/50 land split, allowing each unit to be sold separately with a party-wall agreement in place.
Project KPIs
Acquisition and Project Basics
Project Type: New Construction
Property Characteristics: 1200', 3 bed, 1.5 bath each
Location: 01604 Worcester, near 146 and Pike
Acquisition Source: Client Partnership, Build and Sell
Construction/Improvement Timeline: 6 Months
Total Timeline: 1 year with approvals
High Level Financials
Acquisition Price: $15k land cost
Rehab & Carrying Costs: $600,000
Disposition Price: $815,000 (combined)
Investment Metrics
Debt or Equity: All equity provided by partners
Investor Returns: 25% per partner COC
Value Add Summary
High Level Scope of Work:
- Ground up construction
- 3 bed, 2 bath, town-house style, attached-single family dwellings
Value Add Highlights:
- Granite, black SS kitchens made these small kitchens show very nicely
- The small footprint and layout made the color pallet very important, dark floors with bright walls gave the impression of larger spaces.
- Off street parking and garage space is key in this neighborhood, many houses do not even have a driveway in the neighborhood.